# Novo CEO eyes M&A deals as weight-loss dominance slips

> Novo Nordisk's turnaround plan failed to convince investors, prompting CEO Mike Doustdar to signal openness to acquisitions beyond obesity drugs.
- Title: Novo CEO eyes M&A deals as weight-loss dominance slips · CNBC
- Summary: Novo Nordisk's turnaround plan failed to convince investors, prompting CEO Mike Doustdar to signal openness to acquisitions beyond obesity drugs. Novo…
- Keywords: novo nordisk, mike doustdar, mergers and acquisitions, weight loss drugs, glp-1, wegovy, eli lilly, pharmaceutical industry, business, finance, Novo, CEO
- Source: CNBC — https://cnbc.com/2026/09/22/novo-nordisk-ceo-interview-weight-loss-drugs-strategy.html
- Author: Sawdah Bhaimiya
- Published: 2026-09-22T08:53:29+00:00
- Read time: 2 min
- Topics: novo nordisk, mike doustdar, mergers and acquisitions, weight loss drugs, glp-1, wegovy, eli lilly, pharmaceutical industry, business, finance
## Novo stock tumbles after Capital Markets Day
Novo Nordisk's shares fell nearly eight percent on Monday after the Danish pharma giant unveiled a turnaround plan at its Capital Markets Day event that failed to convince investors it could compete in the crowded weight loss market.
## CEO signals openness to M&A deals
CEO Mike Doustdar told CNBC on Tuesday that Novo is considering mergers and acquisitions to fill gaps in its drug portfolio. He said the company would pursue deals when it identifies better drugs it cannot develop on its own.

> Let's see where the gaps are, and let's go out and see who has produced or is about to introduce better drugs than we are able to do on our own, and when that gap can be filled with M&A, we are actually quite interested about it.
## Turnaround plan outlined but investors unconvinced
Novo plans to release over five multi-blockbuster drugs by two thousand thirty, expecting more than one hundred fifty billion Danish kroner in sales by two thousand thirty-five. The company guided for revenue growth in line with peers including Eli Lilly and AstraZeneca.
## Eli Lilly gains ground in weight loss market
Novo's key U.S. rival Eli Lilly has captured a large share of the weight loss market with its injectable GLP-one drugs Mounjaro and Zepbound despite launching years after Novo. Lilly's stock is up just over fifty-four percent in the past twelve months.
## Novo plans diversification beyond obesity
Doustdar said Novo plans to diversify beyond its core areas of diabetes and obesity, building out its portfolio in blood and endocrine disorders, liver disease and cardiovascular disease. He expects more deals in areas outside the core than within it.

> So it would be more obvious for me to imagine that we will be making more deals in areas outside of the core than in the core.
## Investor skepticism remains despite strategy
Doustdar acknowledged the market reaction signals more work is needed to convince investors. Novo shares have declined thirty-four percent over the past year as the company faces pressure from Eli Lilly's growing dominance in weight loss drugs.

> The reaction tells me that there's still some work to do in convincing some of the investors.
## Key takeaway

Novo Nordisk's stock fell eight percent after its turnaround plan disappointed investors, leading CEO Mike Doustdar to signal the company will pursue acquisitions to fill gaps in its drug portfolio.